In this world of digitalization, we toss around a lot of shorthand terms in the industry and outside of it, so here’s a brief primer of common acronyms and abbreviations you may encounter in the payments industry:
- ACCC Australian Competition and Consumer Commission
- AD Authorized Dealer
- AEPS Aadhaar Enabled Payment System
- AISP Account Information Service Provider
- APC Australian Payments Council
- APCA Australian Payments Clearing Association
- API Application Programming Interface
- APRA Australian Prudential Regulation Authority
- APTEL Appellate Authority for Electricity
- ASBA Applications Supported by Blocked Amount
- ASIC Australian Securities & Investments Commission
- ASPSP Account Servicing Payment Services Provider
- ATM Automated Teller Machine
- BoC Bank of Canada
- BoE Bank of England
- BPSS Board for Regulation and Supervision of Payment and settlement system
- BSE Bombay Stock Exchange
- CASA Current Account, Savings Account
- CAT Competition Appellate Tribunal
- CBDT Central Board of Direct Taxation
- CBEC Central Board of Excise and Customs
- CEA Central Electricity Authority
- CIC Credit Information Company
- CKYCR Central KYC Registry
- CMA Competition and Market Authority
- COMPAT Competition Appellate Tribunal
- CPA Canadian Payment Association
- CPIC Critical Payment Infrastructure Company
- CPMI Committee on Payments and Market Infrastructure
- CPSS Committee on Payment and Settlement Systems
- Cr Crore
- DCB Direct Carrier Billing
- DEA Department of Economic Affairs
- DGS&D Directorate General of Supplies and Disposal
- DIPAM Department of Investment and Public AssetManagement
- DNS Deferred Net Settlement
- DoT Department of Telecommunications
- DPSS Department of Payment and Settlement Systems
- EBT Electronic Benefit Transfer
- EDC Electronic Data Capture
- EFT Electronic Fund Transfer
- ERC Electricity Regulatory Commission
- EU European Union
- FCA Financial Conduct Authority
- FEDWIRE Federal Reserve Wire Network
- FMI Financial Market Infrastructure
- FSA Financial Services Authority
- FSLRC Financial Sector Legislative Reforms Commission
- FSP Financial Service Provider
- GDP Gross Domestic Product
- GeM Government e-Marketplace
- GOI Government of India
- IAMAI Internet and Mobile Association of India
- IBA Indian Banks Association
- IFC Indian Financial Code
- IMPS Immediate Payment Service
- INR Indian Rupee
- IPO Initial Public Offering
- IT Information Technology
- ITU International Telecommunication Union
- KYC Know Your Customer
- LVTS Large Value Transfer System
- MAS Monetary Authority of Singapore
- MC Master Circular
- MDR Merchant Discount Rate
- MoF Ministry of Finance
- MPC Monetary Policy Committee
- MTSS Money Transfer Service Scheme
- NASSCOM National Association of Software and ServicesCompanies
- NECS National Electronic Clearing Service
- NEFT National Electronic Fund Transfer
- NFC Near Field Communication
- NFS National Financial Switch
- NIPFP National Institute of Public Finance and Policy
- NPCI National Payments Corporation of India
- NSE National Stock Exchange
- OTP One-Time-Password
- OTT Over-The-Top
- PAN Permanent Account Number
- PCI Payments Council of India
- PIN Personal Identification Number
- PISP Payment Initiation Service Provider
- PMJDY Pradhan Mantri Jan Dhan Yojana
- POS Point of Sale
- PPI Prepaid Payment Instrument
- PRA Prudential Regulation Authority
- PRB Payments Regulatory Board
- PSAC Payment System Advisory Council
- PSB Payment Systems Board
- PSD Payment System Directive
- PSP Payment Service Provider
- PSR Payment System Regulator
- PSRs Payment System Regulations, 2009
- PSU Public Sector Undertaking
- RBA Reserve Bank of Australia
- RBI Reserve Bank of India
- RTGS Real Time Gross Settlement
- SAT Securities Appellate Tribunal
- SEB State Electricity Board
- SEBI Securities and Exchange Board of India
- SIFI Systemically Important Financial Institution
- SIPS Systemically Important Payment System
- SSN Social Security Number
- TIN Tax Identification Number
- TRAI Telecom Regulatory Authority of India
- TReDS Trade Receivable Discounting System
- UIDAI Unique Identification Authority of India
- UK United Kingdom
- UPI Unified Payment Interface
- USSD Unstructured Supplementary Service Data
- VAS Value Added Service
- VAT Value Added Tax